Product Research Made Easy: Considering Your Selling/Pricing Strategy in Consumer’s Perspectives

When it comes to buying a product or service, we all want to get the best value for our money. But with so many options out there, how do you know which one is worth the cost? That’s where product research comes in.

Product research is the process of gathering information and evaluating different products to make an informed purchasing decision. By comparing features, prices, and reviews, as well as considering factors like quality, durability, reliability, and customer support, you can make sure you’re getting the most bang for your buck.

So, how do you conduct effective product research? Here are some practices to follow:

1. Look into popular products and evaluate the demand. Check out online shopping platforms like Amazon and eBay, or browse trending hashtags, pins, and comments on Pinterest.
2. Read reviews and case studies on relevant products. Once you have a list of products that meet your needs, compare them based on their features and benefits. Look for reviews, ratings, and feedback from other customers who have used the products you’re considering.
3. Compare prices. When shopping online, it’s easy to compare prices from different sellers. Take advantage of this by looking at multiple websites to find the best deals on the products you want.
4. Consider the product’s value. Price isn’t always the best indicator of value. Take into account the quality, durability, and features of the product to determine whether it’s worth the price.
5. Check for additional costs. When analyzing the price of a product, be sure to factor in any additional costs such as shipping or taxes. Also, consider what features the premium goes for a product, so you know how much to pay for add-on features.
6. Consider the brand reputation. A well-established brand may charge more for their products, but their reputation for quality and reliability may make it worth the extra cost.
7. Check for warranties and guarantees. Look for products that come with a warranty or guarantee. This can provide added peace of mind and protection if something goes wrong.

What’s more, here are some quantitative metrics for each step of product research:

1. Look into popular products and evaluate the demand

• Number of sales for each product on online marketplaces
• Number of customer reviews for each product
• Number of mentions or shares on social media platforms
• Search volume for each product on search engines

2. Read reviews and case studies on relevant products

• Average rating of each product based on customer reviews
• Number of positive versus negative reviews for each product
• Number of case studies available for each product

3. Compare prices

• Price of each product on different online marketplaces
• Price of each product at different retail stores
• Average price of similar products in the market

4. Consider the product’s value

• Features offered by each product compared to their price
• Durability and reliability ratings for each product
• Cost per use or cost per year of each product
• What is the basic function of this product? What is the minimum price to get that?
• What is the premium of a product compared to the basic option? Where does the premium go?

5. Check for additional costs

• Shipping costs for each product
• Taxes or fees associated with each product
• Additional costs for add-on features or upgrades

6. Consider the brand reputation

• Number of years the brand has been in business
• Number of awards or recognitions received by the brand
• Customer satisfaction ratings for the brand

7. Check for warranties and guarantees

• Length of warranty or guarantee for each product
• Number of claims made on the warranty or guarantee for each product
• Customer satisfaction ratings for the warranty or guarantee for each product

Here’s an example of quantitative metrics for each step of product research in table format:

Product Research Methodology: Bluetooth Headphones

Step	Metric	Value
Look into popular products and evaluate the demand	Number of sales on Amazon in past 30 days	10,000 units
	Number of sales on Best Buy in past 30 days	5,000 units
	Number of sales on Walmart in past 30 days	7,000 units
	Average rating on Amazon based on customer reviews	4.5 out of 5 stars
	Number of customer reviews on Amazon	10,000 reviews
	Number of customer reviews on Best Buy	3,000 reviews
	Number of customer reviews on Walmart	5,000 reviews
	Number of mentions on Twitter in past 30 days	500 mentions
	Number of shares on Facebook in past 30 days	1,000 shares

	Search volume on Google in past 30 days	100,000 searches
Read reviews and case studies on relevant products	Average rating on Amazon based on customer reviews	4.5 out of 5 stars
	Number of customer reviews on Amazon	10,000 reviews
	Number of customer reviews on Best Buy	3,000 reviews
	Number of customer reviews on Walmart	5,000 reviews
	Number of case studies found on Google Scholar	3 case studies
	Number of mentions of product defects in customer reviews	100 mentions

	Average length of time before product failure based on customer reviews	6 months
Compare prices	Lowest price on Amazon	$49.99
	Lowest price on Best Buy	$59.99

	Lowest price on Walmart	$54.99
Consider the product’s value	Number of features offered	10 features
	Number of different colors available	5 colors
	Average product lifespan based on customer reviews	2 years

	Average cost of replacement parts	$10.00
Check for additional costs	Shipping cost on Amazon	$5.99
	Shipping cost on Best Buy	Free
	Shipping cost on Walmart	Free
	Sales tax on Amazon	$4.00
	Sales tax on Best Buy	$3.00

	Sales tax on Walmart	$4.50
Consider the brand reputation	Number of years the brand has been in business	10 years
	Number of products the brand offers	50 products

	Average rating of the brand based on customer reviews	4.0 out of 5 stars
Check for warranties and guarantees	Length of warranty on Amazon	1 year
	Length of warranty on Best Buy	2 years
	Length of warranty on Walmart	1 year
	Number of customer complaints about warranty service	5 complaints

These metrics can help you make an informed decision when purchasing Bluetooth headphones. By gathering and analyzing quantitative data at each step of the product research process, you can compare different products and retailers to determine which one offers the best value for your needs and budget.